UK Asset Resolution deal triggers bonuses for 2,000 employees

Outgoing boss Richard Banks will benefit to the tune of 211,750 after agreement to sell off mortgage processing operation

A deal to outsource mortgage processing at the government-owned Northern Rock and Bradford & Bingley will trigger bonuses for nearly 2,000 employees, including more than 200,000 to the outgoing chief executive, Richard Banks.

Banks, whose pay rose by a third to almost 1m last year, has been leading the move to wind down the mortgage books of Northern Rock and B&B, which were bailed out in 2008. At the time the two businesses had 800,000 mortgage customers, now reduced to 238,000 as people have repaid loans or their mortgages have been sold off.